Glacier FarmMedia – Canola futures on the Intercontinental Exchange erased yesterday’s gains on Friday due to harvest pressure, less demand and weaker vegetable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil were down. However, crude oil made gains after Russia attacked Ukrainian natural gas facilities Thursday night.
An analyst said November canola may try to test the support level of C$600 per tonne, while the funds may be squaring their positions ahead of the weekend.
Alberta and Saskatchewan were forecast to see high temperatures below 20 degrees Celsius later today, while southern Manitoba had a chance of thunderstorms. Temperatures in Manitoba are expected to drop to normal next week.
Read Also
ICE Midday: Pressure returns for canola
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were going down in the middle of Friday trading, mainly due…
At mid-afternoon, the Canadian dollar was steady compared to Thursday’s close.
There were 57,857 canola contracts traded on Friday, compared to Thursday when 63,817 contracts changed hands. Spreading accounted for 44,388 of the contracts traded.
SOYBEAN futures on the Chicago Board of Trade were lower to end the week following back-to-back sessions of double-digit gains.
While most of the United States saw dry conditions and clear skies today, rain is expected for the Corn Belt from Sunday to Tuesday, bringing between six to 25 millimetres. Iowa, the Dakotas and southeast Nebraska may see up to 50.
A Wall Street Journal report said a potential financial aid package for U.S. soybean growers, to be revealed on Tuesday, may be in the US$10 billion to US$14 billion range.
S&P Global cut its monthly yield estimate for the U.S. soybean crop on Thursday by 0.8 of a bushel per acre at 53. Production was estimated at 4.261 billion bushels.
While December CORN hit a week-long high on Friday, the contract ended the day in negative territory.
Ukrainian farm union UAC projected the country’s 2025-26 corn crop at 29 million tonnes, up three million from last year.
S&P Global cut its yield estimate for the U.S. crop by 3.6 bu./ac. at 185.5. Production was estimated at 16.707 billion bushels.
Chicago soft WHEAT saw minimal gains on Friday, while Kansas City hard red and Minneapolis spring eased back.
Winter wheat planting may be delayed in north-central Kansas next week with the area expecting 25 to 50 mm of rainfall.
Taiwan flour mill importers purchased 80,550 tonnes of U.S. wheat in a tender last night.
